Belnor Senior Residences is a 122-unit new construction affordable senior community located in Suitland, Maryland. The project will serve senior residents (age 62+ head of household) and will consist of one, four-story elevator-serviced building situated on a 4.72 acre site. The units will be restricted to tenants earning incomes below 50% and 60% of average median income (AMI). Using HUD’s Section 221(d)(4) New Construction program for insurance advances, AGM obtained a HUD-insured mortgage of $13,883,000 at a fixed interest rate with a 40-year term. Equity of approximately $8,368,563 was provided through the sale of 4% low income housing tax credits (LIHTC). Additional sources include a $2,500,000 Rental Housing Works loan provided from Maryland CDA, $1,160,000 from the Federal Home Loan Bank, and $750,000 in DHCD Prince George’s County HOME funds.
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